Fraud Analyst

Who is a fraud analyst?

A fraud analyst is a person who investigates suspicious activity or theft. He/she does is relatively customers’ accounts. Fraud analysts do these operations on behalf of the banks or financial institutions. Their main task is to define and track suspicious transactions. The specialists do it to protect the bank from possible losses.

How do they act?

So, the bank flags a certain transaction “red.” The reasons behind this might be different (yet, they comply with the country’s law and the bank’s inner regulations). Then the analyst starts to act. He/she will also flag the whole account “red.” It’s a necessity, that lets the analyst investigate the case.

He/she will look closer at certain parts. They include:

  • Transaction amount
  • Transaction type
  • Where transaction originates from
  • Country to which the user sends the transaction
  • Transactions that are not typical to this account, etc.

Then the specialist picks more information about the transaction. The fraud analyst finds more information about the account holder, tries to know more about the transaction’s origin. He/she will also trace the route of the transaction. That involves contacting other bank’s branches or the third parties involved. Often, fraud analysts work may help to define security weaknesses.

Also, the analyst may investigate fraud by regions. That may help to know more about the region’s specifications or learn more about fraud schemes to fight them.